Wednesday, August 30, 2006

JP Morgan Chase Security

Recently I wrote about a close friend whose savings account at JP Morgan Chase, or just Chase for short, was hacked into online. The final damages were that the hacker got $64,000, processed through PayPal. Every other day they extracted $6000.

Of course, my friend called Chase immediately upon finding out that her money was disappearing. Well, actually, that's not quite accurate. She received a letter from Chase verifying that she had changed her address. But she hadn't. So she got on the phone with Chase and within a few minutes they found out that a chunk of money had disappeared from her account.

Chase quickly put a stop to the leaking funds, or at least that's what my friend thought. Yesterday, she found out that $6000 was now missing from her checking account. How Chase failed to catch that I don't know, but it underscores my belief that online banking is unsafe. Sure, the accounts are insured, but it's still a pain in the ass to straighten everything out.

1 comment:

Anonymous said...

I dont think its an issue with chase. Online users shod be more aware of the latest techniques in Phishing.
If you not too much internet savvy , its recommended to not to go for an online account.